Daily Spot…

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Dec Contract (EC, ETF: (FXE, UUP))
Gapping down Thursday back under Tuesday’s highs could have formed an Island of Wednesday’s probe above the 1.1100 target. But Thursday’s post-open bounce filled the gap back up to Wednesday’s close and probed back into Wednesday’s range. There is now no “unfinished business above” to ensure a recovery if a decline were to begin.

Gold Dec Contract (GC, ETF: (GLD))
Tumbling overnight exploited almost all the room below for a pullback attacking 1283.50-1286.00. Thursday’s gap down had already begun recovering, and the morning;s bounce extended back above 1300.00. An eventual third higher close is in-play.

Silver Dec Contract (SI, ETF: (SLV))
Dropping sharply overnight to test its 18.05 pullback limit was reversed back up Thursday. An eventual third higher close is in-play.

30-year Treasury Dec Contract (US, ETF: (TLT))
Bouncing to and through the 163-02 bounce limit over two days has led to the third day gapping back down under 163-02. While the bottoming attempt around 161-22 is probably not complete, Friday’s Employment Situation report isn’t necessarily being greeted from a position of weakness — reacting down to fresh lows and then closing higher would seal a bottom, especially if the fresh lows had visited 160-10.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Reacting up to 45.70 resistance Thursday was reversed back down to fresh lows under 45.00. The decline’s ultimate 43.75 objective would be lowered if met by the current uncorrected downleg.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was not greeted from a position of strength. But its reaction was muted, and not necessarily any more bearish than already being at fresh lows. Closing back above 2.88 would be the earliest signal of a bottom forming.